Beef Buzz News
Cattle on Feed Report No Surprise, Says OSU's Derrell Peel, As It Shows Large Drop In Marketings
Mon, 22 Jun 2020 10:50:30 CDT
OSU Extension Livestock Economist Dr. Derrell Peel said the latest USDA Cattle on Feed Report was no surprise as it showed flat placement numbers and sharply lower marketings as compared to a year ago. Radio Oklahoma Ag Network Farm Director Ron Hays interviewed Peel following the Friday release of the report, and Peel said the report basically means the industry is back on track after suffering through months of the coronavirus impact.
Ron Hays Beef Buzzes With Derrell Pell
Peel said the June report showed placements in May are about 99 percent of year ago, Peel said, and marketings in May are about 72 percent of year ago numbers.
The total number of cattle on feed was just down fractionally from a year ago.
Peel said this is about what he expected going into the report.
He said it is Important to keep in mind that the month of May had two less business days than a year ago so that could slew the numbers slightly.
He noted the cattle are still out there as we have just been moving them around. The two months of low placements ahead of this report will give us a chance to catch up on the backlog of cattle that we didn’t get processed, Peel said.
We’ve been watching the slaughter capacity rebuild and we’re back to about 98 percent of year ago levels, Peel said.
If you use last year’s carcass weights you can add 3 or 4 percent to the slaughter total, Peel said. We’re effectively slaughtering more cattle each day than a year ago because of the added weights.
The bottom line is on a week to week basis and for the rest of the year we’re going to see year over year increases in beef production, Peel said.
The OSU economist expects the market imbalance between supply and demand will keep pressure on fed cattle prices for many weeks to come.
To view the USDA Cattle on Feed Report, click here.
Click on the LISTEN BAR below to hear more of Ron’s interview with Dr. Peel.
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